Lloyds Banking Group is planning to cut over 1,000 jobs, while adding around 300 new roles, it's been revealed.
Unite the Union said in a statement on Wednesday it "cannot comprehend" the banking giant's plans to axe 1,070 jobs despite better than expected recent financial results.
The bank is also planning to create 329 new roles, meaning a net reduction of around 740. It is the latest set of redundancies after the group restarted its major restructuring programme following the pandemic.
In September, it unveiled plans to slash 865 jobs mainly in its insurance, wealth and retail teams.
The job losses are believed to be across the commercial and retail departments.
A statement from Unite's national officer Rob MacGregor said: “Unite cannot comprehend why Lloyds would choose to cut 1,000 staff who have given the bank such commitment and dedication during a global pandemic. These staff have worked tirelessly despite any risks to themselves.
“Lloyds has produced better than expected Q3 results, posting in excess of £1 billion of pre-tax profit - a direct result of the hard work and versatility of its workforce. This cost cutting strategy will not serve the bank or its customers. It is impossible to reconcile the job losses announced today with such an improved balance sheet.
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“Unite is calling on Lloyds to do the right thing and put on hold its restructure plans. The threat caused by the pandemic is now unquestionable. The bank must now ‘hit the pause button’ on its job loss and redundancy programme.
"We need a fresh approach to the unprecedented challenges that Covid-19 has created for all of us.”
A statement from Lloyds said: "This morning we shared changes to some of our teams and we can confirm a net reduction of c730 roles.
"These changes reflect our ongoing plans to continue to meet our customers' changing needs and make parts of our business simpler.
"The majority of colleagues briefed today will not leave until January at the earliest. We will help colleagues who are affected find new roles and redeployment opportunities wherever possible and everyone will be given access to a package of training and support designed to help them secure their next position, whether within or outside of our business. Change does mean making difficult decisions and our focus remains on supporting our customers, colleagues and communities."